India’s maturing private equity landscape is witnessing a marked surge in both control-oriented buyouts and ambitious growth equity investments. With buyouts now accounting for over half of deal value and growth capital rounds dominating in number, Limited Partners must reassess risk, return, and market timing strategies. How can LPs navigate between the scale and control of buyouts and the acceleration opportunities of growth equity in this uniquely Indian market cycle? What structural and market factors are driving the recent rise in buyout transactions in India, and how do these deals differ from global comparables? How do exit environments, valuation cycles, and regulatory conditions shape LP appetite for buyout versus growth equity strategies? Are local or global GPs better positioned to capture returns in buyout and growth equity segments?
Private credit is becoming a cornerstone in LP portfolios, offering floating-rate yield, tailored structuring, and access to both direct lending and specialty finance strategies. As the market matures and expands beyond traditional direct lending into areas like asset-based lending and opportunistic strategies, LPs are adapting their playbooks to navigate risks, manager selection, and alpha sourcing. What allocation models are LPs adopting to balance direct lending, specialty finance, and opportunistic credit? How do macroeconomic trends—rates, regulatory change, and bank retrenchment—shape LP appetite for private credit? How are LPs vetting quality and health of private credit portfolios? Will LPs find true portfolio resilience and alpha in private credit, or is the market’s rapid growth masking new risks?
Large deals were a preserve of bulge bracket buyout firms till recently. But a few home-grown PE franchisees have started crossing the rubicon of billion-dollar corpus and have been participating in large buyouts as a coinvestor. What are the challenges in raising large sized India-anchored funds? What sort of apprehensions have LPs for backing such funds? More importantly, how is the deployment opportunity of large funds? Should it be seen as a new benchmark for larger mid-market deals as larger buyout majors step up to a billion dollar plus transactions?
Institutional LPs, family offices, and funds of funds must balance illiquidity, long horizons, and uncertain outcomes against the promise of transformative returns in VC space. What frameworks are LPs using to assess VC fund managers’ alignment, sourcing edge, and sector focus? How are LPs responding to current trends in fund size, continuation vehicles, and evolving exit environments? Is the rise of venture debt and non-dilutive financing changing portfolio construction for LPs? How are LPs adapting due diligence, risk management, and pacing of commitments in a globalized VC landscape? What lessons do recent cycles teach about timing, diversification, and technological disruption in LP VC allocation?
Fund of funds and institutional LPs remain vital anchors of the alternative investment ecosystem, balancing rigorous allocation frameworks with the agility needed to capture emerging opportunities. As capital cycles evolve, these institutional allocators are redefining how scale, selectivity, and sustainability shape their commitment strategies across private equity, venture, private credit, and infrastructure. How are fund of funds adapting their models to stay relevant amid growing direct and co-investment momentum? Where are institutional LPs leaning—toward consolidation with proven managers or exploring niche strategies for higher alpha?
Development Finance Institutions (DFIs) play a dual role in emerging markets—acting as cornerstone LPs in alternative funds while also engaging directly in private investments. As these institutions seek to unlock sustainable growth and attract commercial capital, their approach to structuring investments, managing impact goals, and balancing risk-return objectives is evolving rapidly. How do DFIs decide between participating as LPs versus executing direct deals in key sectors like infrastructure, climate, and inclusive finance? What catalytic models have proven most effective in mobilizing private capital alongside DFI investments? How are DFIs using blended finance structures to derisk entry for institutional investors? Lessons from recent success stories: when has direct investment generated greater developmental impact than fund commitments? Can DFIs strike the right balance between being market enablers and active investors in the next phase of emerging market growth?
Family offices are emerging as sophisticated Limited Partners in the alternatives landscape, bringing flexibility, longer investment horizons, and a growing appetite for direct and thematic investments. As traditional institutional LPs face structural constraints, family offices are shaping a new model of capital deployment across private equity, venture, real estate, and private credit. How are family offices evolving from passive allocators to active partners in alternative investments? What strategies are driving family office participation in co-investments, club deals, and direct opportunities? How do family offices balance diversification and control in their alternatives portfolios? Is the generational shift in wealth ownership influencing risk tolerance and thematic focus within family offices?
First-time fund managers often bring fresh thinking, sharper focus, and differentiated sourcing strategies, yet they require higher conviction from LPs. As the alternatives landscape diversifies across private equity, venture, credit, and real assets, Limited Partners are re-evaluating how to balance institutional risk management with the potential for outsized alpha from emerging managers. Many first time fund managers break off from established fund houses to go solo, how do LPs assess such GPs? What due diligence frameworks can be applied that go beyond track record to assess team chemistry, sourcing edge, and operational discipline? What governance structures and co-investment models can help derisk commitments to debut managers? Is the next wave of alpha in alternatives more likely to come from new faces rather than established franchises?
Limited Partners are increasingly examining private investment strategies targeting listed companies—through PIPES, pre-IPO rounds, and crossover funds. This convergence of private and public investing is reshaping return expectations, governance frameworks, and exit timelines. What drives LP interest in crossover and PIPES strategies amid volatile public markets? How are private market managers adapting their skills to engage in listed company deals while maintaining alpha generation? Do PIPES offer asymmetric opportunities for LPs or blur the risk-return clarity normally found in private investments? What allocation frameworks are LPs using to integrate PIPES into broader private market portfolios? Are private-style investments in public markets the bridge LP portfolios need between liquidity and long-term value creation?
Limited Partners face a strategic dilemma: should they back generalist funds with diversified exposure across industries, or allocate more capital to sector-focused managers who bring deep domain expertise? As global markets become more fragmented and technology permeates every sector, the traditional diversification argument is being tested. How do macroeconomic cycles and geopolitical factors affect the performance resilience of generalist vs. sector-focused funds? Do focused funds consistently outperform in specialist sectors such as tech, healthcare, or renewables, or do they expose LPs to concentration risk? How are LPs balancing both strategies within their allocation models? Has the rise of thematic investing blurred the lines between “generalist” and “sector-focused”?
Dr. Subhransu Sekhar Acharya is the Chairman- cum- Managing Director (CMD), The National Small Industries Corporation Ltd., A Public Sector Organization of Government of India. Prior to his present assignment, Dr. Acharya was the Chief General Manager, Small Industries Development Bank of India (SIDBI), New Delhi.
Dr. Acharya is a Ph.D. in Management, Post Graduate in Science (M.Sc.), a Post Graduate in Business Administration (MBA) and a Certified Associate of Indian Institute of Banking & Finance (CAIIB). He has experience of over 3 decades in various facets of MSME Financing and Development including Credit, SME Rating, Risk Management, Bills Financing, New Product Development, Business Planning, Entrepreneurship Development, Innovation financing, Micro-Finance, Start-Up mentoring etc.
Dr. Acharya was a recipient of Prestigious Chevening Fellowship wherein, he underwent a course in Environment Management & Sustainable Development. The program was organized by University of Bradford and University of Manchester, UK on behalf of British Foreign Office who administer the Fellowship through British Council. During his stint there, he had exposure to the working of SMEs in UK where he worked on establishing the commercial benefits of adopting environment friendly technology by comparing the same for SMEs of India and UK. Besides, he has also attended “SME Cluster Development Program” at the prestigious International Training Centre of ILO at Turin, Italy.
Shri Acharya was invited by World Bank to discuss India’s SME Development
Financing Story at Harare, Zimbabwe. He is regularly invited by various B’Schools / Universities / IITs etc. for delivering talks and taking sessions on various facets on a whole range of topics ranging from “Corporate Social Responsibility”, “Entrepreneurship”, “MSME Financing”, “Financial Inclusion”, “Motivational aspects” etc. Shri Acharya has several publications / articles published in various journals to his credit. He has co-authored to book on Managing Innovation & Incubation titled “Seed to Sapling” : The Incubator Way”.
Dr. Acharya is an adjunct Professor in Innovation & Entrepreneurship Area at ‘Birla Global University,’ Bhubaneswar.
Craig joined BII in 2005 and has spent the past 17+ years focusing on impact fund investments, primarily in South Asia. He’s worked on numerous fund investments, including BII’s first fund investments into new geographies or sector, and back many first time and established team. Prior to joining BII, he was an accountant in Sydney, Australia. Craig has a Bachelor of Commerce degree from Macquarie University and he is a member of CPA Australia.
Mr. Saravana Kumar is a Post graduate from IIM- Bangalore, holds degree in B.Tech., Risk management program from GARP- USA, CAIIB from Indian Institute of Bankers and attended Management Development Programme at Merrill Lynch Global Headquarters at New York. He has over 35 years of professional experience in Venture Capital, Private equity, AIF, AMC, Insurance Industry, PMS, SME sector, Finance & Accounts, Risk Management, Resource mobilisation, Treasury management and Corporate planning.
Mr.Kumar is the CEO of the NSIC Venture capital Funds. The above said Venture Capital Fund manages the Self Relaint India (SRI) Fund -a fund of funds scheme of Government of India for SMEs. He worked as a Senior management professional in ICICI Ventures and ICICI Bank and worked as Chief Investment Officer in SBI Funds Management, LIC Nomura Funds Management, etc.
He was a Consultative working group committee Member of (a) IRDAI on restructuring the investment for life insurance sector in 2011 (b) SEBI on developing the AIF funds and (c) Core investment committee member of American International Assurance (AIA)-Hong Kong. He had received in person the "World Finance" Award for the Best AIF Fund from London Stock exchange in March 2013. "World Finance" i.e. UK based investment publication had distributed above award.
Nikhil Chandak is the Chief Investment Officer of the Shanghvi Family Office (Sun Pharma Group) and has over 27 years of experience in M&A, Equity Markets, and Investing. Prior to heading the Shanghvi Family Office, he was Managing Director and Head of Investments at the Kampani Family Office (JM Financial Group). He has also worked with organisations such as Arthur Andersen, Ernst & Young, Kotak Investment Banking, and the family office of the Dubai-based Landmark Group. He is a Chartered Accountant and holds an MBA from the Indian School of Business, Hyderabad.
Roshika Singh is the Principal Country Officer for the IFC, a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets. IFC delivers long-term financing in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
Roshika is part of the Country Management team that is responsible for the development and implementation of the country strategy. Roshika actively leads key engagements with multidisciplinary teams, including participation in the Sustainable Finance Task Force, co-hosted by the Ministry of Finance (MOF), RBI and SEBI, the G20 infrastructure finance track and inputs for India’s Climate Finance Taxonomy. Roshika worked in IFC’s Gender Business Group, rolling out products for women’s banking. She worked on promoting employer-supported childcare in special economic zones, with financial institutions and garment factories across Bangladesh and Cambodia, as well as women’s employment programs in the agriprocessing sector.
Prior to IFC, Roshika worked at Deloitte in the USA and UK, as a Fund Manager for the Business Linkages Challenge Fund (BLCF) and as the Activity Manager for the Kosovo Business Finance Fund (KBFF). Roshika started her career supporting USAID efforts to employ technology as a tool to increase access to information, transparency, and accountability across a host of ministries and central banking systems in Georgia, Armenia, Moldova, Ukraine and Macedonia and across East Africa and the Southern African Development Community (SADC) region.
Roshika authored a chapter on Small Customers, Big Market: Commercial Banks in Microfinance and her articles for the Huffington Post include Banking on Women: The Path to Financial Inclusion in India, Gender Lens Investing: A Step Towards Woman-Friendly Capitalism and More Women Employees and Leaders, A Crying Need in Indian Companies. She also led the development of the IFC Blended Finance for Climate Investments in India report.
Ms. Singh holds a BA from the American University and an MSc from the London School of Economics.
Ghada Abdelkader is currently leading Crescent Enterprises’ strategic investments platform, CE-Invests, that invests in mid-market growth companies and private equity funds in some of Asia’s fastest growing economies including the GCC, India, and Southeast Asia. With over 20 years of investment experience and having worked previously in investment banking, corporate finance, and financial services consulting in the MENA region, she has managed transactions and investments worth billions of dollars, including private placements, public offerings, mergers and acquisitions, and greenfield projects. Since joining Crescent Enterprises in 2012, Ghada has led the evaluation, structuring, and execution of private equity and venture capital investments at Crescent Enterprises. She has managed a diverse portfolio of assets within Crescent Enterprises across ports, logistics, healthcare, private equity, and venture capital. Ghada holds a Bachelor of Science in Economics from Cairo University and is a Chartered Financial Analyst (CFA) and a member of the CFA Institute and the CFA Society Emirates.
Mr. Gopikrishna Shenoy is a CIO @ Sbilife Insurance Company Ltd.
He has been in the Company since 2008. He became the CIO in 2014. Currently, Handles Fixed Income Equity and AIF.
He is a Post Graduate in Management and has done his AMP @ Harvard. He has a in total 30 years of experience.
Prior to joining Sbilife, he had worked with Birla Sunlife Insurance, IDBI Capital Markets & Canbank Mutual Fund.
Rohit Bhayana is a seasoned entrepreneur, private markets leader, and startup mentor with over 25 years of experience spanning venture capital, private equity, and corporate leadership.
As Co-CEO and Co-Founder of Oister Global, India’s premier alternative assets manager, Rohit is at the forefront of building the country’s alternative investment ecosystem. At Oister, he drives the firm’s mission to enable sophisticated capital to participate in top-tier funds and differentiated secondary opportunities in latestage, high-growth businesses, ensuring India’s breakout ventures are not only built here but also backed here. Under his leadership, Oister is shaping how India’s smartest capital powers the next decade of innovation and ownership.
Rohit is also the Co-Founder of Lumis Partners, an operating investment firm dedicated to unlocking value in fragmented value chains and building sustainable businesses. His career reflects a consistent focus on creating impact while delivering strong returns, a philosophy he describes as “returns with impact.”
Before stepping into the world of private markets, Rohit spent eight transformative years at General Electric (GE), where he served as CEO of GE Software Solutions and Senior Director of Global Outsourcing. At GE, he played a pivotal role in driving global growth, operational excellence, and innovation.
Widely recognized as a thought leader in the investment and startup ecosystem, Rohit has served as the Chair of the Startup Council at ASSOCHAM, where he advocated for policy reforms to strengthen India’s entrepreneurial landscape. Beyond institutional investing, he is deeply committed to mentoring founders and advising startups on scaling sustainably and navigating private markets with clarity.
Rohit holds a Bachelor’s degree in Computer Science from Delhi University and a Master’s degree from the London School of Economics.
Jai is a man who wears many hats. As the Head of the Dinesh Hinduja Family Office (DHFO), he oversees investments across all asset classes for the group: real estate, equities, bonds, structured products, private equity, and venture capital. Mr. Rupani led the real estate development efforts at Gokaldas Lifestyle, a group company of DHFO, for several years before taking the helm at the family office.
Before joining the Gokaldas Group, Mr. Rupani was part of the investment team at True North (erstwhile India Value Fund), a USD 2.2 billion private equity fund in Mumbai. During his tenure at True North, Jai led the investments into Merucabs (one of India’s first taxi-aggregation companies) and ACT Broadband (a leading IPTV and broadband service provider). Prior to True North, Mr. Rupani was an investment banker with The Royal Bank of Canada Capital Markets Group in their San Francisco office for several years. At RBC Capital Markets, Jai was integral to the technology investment banking team managing IPOs, private placements, and M&A deals. He has completed his formal education at the University of Michigan, Ann Arbor (BBA) and the University of Texas at Austin (MBA) in the United States. In his free time, he enjoys mentoring start-ups, playing golf, and spending time with his family.
Harsh Kr Dhanuka is the Chief Investment Office at SAR Group Family Office (Single Family Office of founders of Luminous, Livpure, Livguard, Lectrix). An accomplished financial Services professional with deep expertise and leadership experience in Family Office environment and the Investment management space. He leads the Investment Strategy and is responsible for setting up and managing the people, processes, policies, succession and estate planning for the Single-Family Office.
His investment expertise spans a broad array of asset classes and markets (domestic and global), giving him years of rich experience and an extensive network. He has more than a decade of experience of cross-functional leadership across Foreign Private Bank, Corporate treasury team of a large Indian MNC and an Institutional Single-Family Office. Harsh has worked closely with Ultra High Net worth Families, Corporate Treasuries, and highly placed professionals and entrepreneurs.
Harsh holds a bachelor’s degree in Commerce from St Xavier’s College, Kolkata & is a qualified Chartered Accountant & Company Secretary.
Harsh’s interests and expertise lie in dealing with complex structural issues (working on designing and implementing solutions for global wealth preservation and transmission) and also in implementing portfolio risk-reward optimization techniques (in theory as well as in practice).
Srikanth is a Founder and Managing Partner at Pavestone with more than 25 years of experience in leading strategic growth and scaling in Global and Indian B2B Outsourcing, influencing and managing P&L and driving industry-leading product-led and pure-play service delivery models in Accenture, Infosys BPO, HP, Williams Lea and CAMS.
He has over 12 of experience in financial services in India including the last 5 years in Venture Capital through Pavestone. In support of startups and their growth journey, he brings to bear his significant exposure to international consultative sales, complex migrations, change management, operations management, process transformation, business technology and product transformation.
Prior to setting up Pavestone, he was the COO of CAMS and part of the KMP team that led CAMS to a pathbreaking IPO in 2020. At CAMS, he led the creation and transformation of several products for Distributors and Investors including the digitalization of SIPs and loans against MFs, which have since become the most successful investment vehicles for investors. He was part of working committees for Mutual Funds at SEBI. He has closely worked with the industry, and the regulator on improving ease of access and business for Mutual Fund investors.
His engagement with startups started at CAMS where he worked with several Fintech firms enabling them with access to MF capabilities and then deepened in the last 5 years through managing Pavestone Technology Fund.
Chartered Financial Analyst (CFA) from CFA Institute USA and Masters in Finance with close to 2 decades of hands on Investments experience for Family Office and LP's across Alternatives (Real Estate), Equities (Private & Public) and Structured Debt
-Seasoned Investment Professional with end-to-end experience across Investment life cycle – asset allocation, evaluation and finalising transactions as well as monitoring and exiting at appropriate time.
-The family office’s investments are across various asset classes and investment types in both private and public markets as well as other alternative investments. Strategic guidance for family office investments in operating companies in D2C space for The Brooklyn Creamery, Zaffran amongst others.
-Prior experience includes leadership positions at organisations such as K Raheja Corp, Colliers International, Cube Capital Consultancy, Citigroup.
Anand currently heads the family office of the promoters of Sattva Group, one of India’s largest real estate conglomerates headquartered in Bengaluru. He was previously part of the early core team at Sharrp Ventures, the private investment office of the Harsh Mariwala family, where he focused primarily on consumer-sector investments.
Prior to specializing in family office investing, Anand held investing roles across private equity and venture capital with Incofin Investment Management, GVFL, and Axilor Ventures. Earlier in his career, he worked as an Audit Associate at boutique accounting advisory firms and subsequently as a Team Leader on the Financial Markets desk at Standard Chartered Group India, where he was responsible for performance strategy analysis and reporting to senior group management.
Anand holds an MS in Applied Finance from Singapore Management University, a Bachelor’s Degree in Commerce from Loyola College, and is a Chartered Accountant certified by the Institute of Chartered Accountants of India (ICAI).
Norbert is one of the most experienced secondary investment specialists in India. He is a General Partner at Kenro Capital, a growth-stage focused Secondaries fund investing in India and Southeast Asia.
Having led TR Capital’s India investments from 2017 till recently, he has closed several noteworthy secondary transactions in India, and is also a founding member of the IVCA Secondaries Special Interest Group. Norbert started his investing career with Temasek and then went on to co-found IvyCap Ventures, creating a strong track record of returns. His work has won industry recognition, including from PEI and IAAIF. Norbert holds an undergraduate degree from IIT Kanpur and a management degree from IIM Calcutta.
Saurabh Chatterjee is a Managing Director at ChrysCapital where he manages the Fundraising and LP Relations functions, and is also a voting member of the firm’s investment committee. Prior to joining ChrysCapital in 2016, he was with Providence Equity Partners’ investment team in their New Delhi Office. Before Providence, he worked at the Boston Consulting Group and CIVC Partners, a Chicago-based middle market private equity firm. Saurabh received an MBA from Kellogg School of Management and a BA in Economics from Carleton College.
Rishi joined Kedaara in 2014 as the CFO of Kedaara Capital. He focuses on Fund operations, Investor Relations, and Transaction structuring. Prior to joining Kedaara Capital, Rishi worked in the M&A tax team at Deloitte Touche Tohmatsu Limited, India. At Deloitte, he was involved in several transactions involving investment structuring and due diligence for private equity funds and strategic investors. Previously, he has worked with Credit Suisse, PricewaterhouseCoopers, and Ernst & Young India. Rishi is a Chartered Accountant and holds a Bachelor of Commerce from Pune University.
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